When the Soviet Union began breaking up in the late 1980s, cigarettes began replacing the ruble as the medium of exchange even though the ruble was legal tender. The cigarettes provide an example of commodity money
a. True
b. False
Indicate whether the statement is true or false
True
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The value added of a producer is the
A) total amount for which all its products sell minus its change in inventories. B) value of its total sales once externalities are accounted for. C) value of its output minus the value of the inputs it purchases from other producers. D) quality-adjusted amount of its total sales less any commissions paid.
Suppose there is a temporary supply shock because of a war in the Middle East, then ________
A) this would constitute a cost push shock due to a restriction in the supply of oil B) the AS curve would shift to the left C) this could theoretically lead to stagflation D) all of the above E) none of the above
If Utopia opened itself to trade it would 
A. import 250 cases of tile per year. B. export 450 cases of tile per year. C. export 100 cases of tile per year. D. import 150 cases of tile per year.
Real GDP measures the ________ of production; nominal GDP measures the ________ of production.
A. current dollar value; current dollar value B. current dollar value; market value C. current dollar value; physical volume D. physical volume; current dollar value